Raymondville FHA Loan Rates, Closing Costs & Stats

Raymondville, TX

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Raymondville's 11 lenders originated 18 FHA loans during 2023. The total origination value was $3,700,000, with an average FHA loan value of $205,556.

    Raymondville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Raymondville averaged 6.64% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Raymondville's average FHA mortgage closing costs are $8,064.

    The average rate for the prior week (2024-04-05) was 6.87% and one month ago for the week of 2024-03-08, the average rate was 6.7%.

    The average rate one year ago was 6.04%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.94%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Raymondville FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Raymondville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DRAPER AND KRAMER MORTGAGE CORP. 3 6.54% $12,095
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.92% $5,868
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.56% $12,533
    NATIONS RELIABLE LENDING, LLC 1 5.50% $18,594
    Paramount Residential Mortgage Group, Inc. 1 5.50% $14,329
    QUICKEN LOANS, LLC 1 5.75% $16,709
    SUN WEST MORTGAGE COMPANY, INC. 1 6.88% $12,347
    ACADEMY MORTGAGE CORPORATION 1 6.13% $17,161
    UNITED WHOLESALE MORTGAGE, LLC 1 6.00% $8,185
    AMCAP MORTGAGE, LTD. 1 8.25% $10,018
    HOMESIDE FINANCIAL, LLC 1 7.12% $8,054

    The top Raymondville FHA lender as defined by loan originations is DRAPER AND KRAMER MORTGAGE CORP., with 3 FHA loans originated. Their average total fees are $12,095, which is $6,227 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Raymondville FHA lenders (with over 10 loans originated) are .

    The lowest rate Raymondville FHA lenders (with over 10 loans originated) are .

    Raymondville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    RAYMONDVILLE, TX WILLACY 2022 $420,680 $538,650 $651,050 $809,150
    RAYMONDVILLE, TX WILLACY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Raymondville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $194,000 (25.2%) $204,150 (23.4%) 0.00 53
    2018-02-01 $183,225 (22.2%) $204,180 (25.0%) 0.00 51
    2018-03-01 $176,950 (31.1%) $191,700 (18.6%) 0.00 48
    2018-04-01 $182,500 (21.8%) $194,357 (15.1%) 0.00 49
    2018-05-01 $186,175 (16.9%) $191,777 (14.3%) 0.00 45
    2018-06-01 $155,000 (-2.5%) $179,972 (6.2%) 0.00 49
    2018-07-01 $173,200 (12.1%) $192,533 (21.3%) 0.00 51
    2018-08-01 $155,750 (-3.9%) $181,250 (13.2%) 0.00 52
    2018-09-01 $169,000 (-6.1%) $183,334 (-1.4%) 0.00 49
    2018-10-01 $169,500 (-15.0%) $188,212 (-5.4%) 0.00 49
    2018-11-01 $170,475 (-14.4%) $186,857 (-9.1%) 0.00 44
    2018-12-01 $189,000 (-2.6%) $200,974 (-0.4%) 0.00 40
    2019-01-01 $163,225 (-15.9%) $185,878 (-9.0%) 0.00 42
    2019-02-01 $178,500 (-2.6%) $196,813 (-3.6%) 0.00 37
    2019-03-01 $175,000 (-1.1%) $197,883 (3.2%) 0.00 36
    2019-04-01 $181,225 (-0.7%) $203,390 (4.7%) 0.00 36
    2019-05-01 $194,225 (4.3%) $211,017 (10.0%) 0.00 36
    2019-06-01 $150,000 (-3.2%) $205,429 (14.1%) 0.00 36
    2019-07-01 $149,975 (-13.4%) $201,445 (4.6%) 0.00 36
    2019-08-01 $205,964 (32.2%) $222,103 (22.5%) 0.00 37
    2019-09-01 $230,734 (36.5%) $252,263 (37.6%) 0.00 37
    2019-10-01 $246,998 (45.7%) $271,673 (44.3%) 0.00 37
    2019-11-01 $248,500 (45.8%) $267,088 (42.9%) 0.00 38
    2019-12-01 $261,363 (38.3%) $307,761 (53.1%) 0.00 34
    2020-01-01 $258,225 (58.2%) $303,390 (63.2%) 0.00 34
    2020-02-01 $244,000 (36.7%) $279,272 (41.9%) 0.00 34
    2020-03-01 $225,000 (28.6%) $270,534 (36.7%) 0.00 33
    2020-04-01 $197,288 (8.9%) $253,470 (24.6%) 0.00 30
    2020-05-01 $224,000 (15.3%) $264,274 (25.2%) 0.00 29
    2020-06-01 $224,500 (49.7%) $270,839 (31.8%) 0.00 28
    2020-07-01 $232,500 (55.0%) $296,116 (47.0%) 0.00 27
    2020-08-01 $235,500 (14.3%) $303,913 (36.8%) 0.00 23
    2020-09-01 $220,000 (-4.7%) $313,654 (24.3%) 0.00 23
    2020-10-01 $215,000 (-13.0%) $298,483 (9.9%) 0.00 26
    2020-11-01 $184,725 (-25.7%) $279,156 (4.5%) 0.00 26
    2020-12-01 $210,000 (-19.7%) $266,139 (-13.5%) 0.00 27
    2021-01-01 $175,000 (-32.2%) $252,850 (-16.7%) 0.00 23
    2021-02-01 $172,000 (-29.5%) $232,965 (-16.6%) 0.00 14
    2021-03-01 $171,225 (-23.9%) $227,486 (-15.9%) 0.00 17
    2021-04-01 $210,000 (6.4%) $302,762 (19.5%) 0.00 22
    2021-05-01 $255,000 (13.8%) $326,158 (23.4%) 0.00 17
    2021-06-01 $217,500 (-3.1%) $295,610 (9.2%) 0.00 15
    2021-07-01 $283,500 (21.9%) $329,838 (11.4%) 0.00 16
    2021-08-01 $275,625 (17.0%) $304,808 (0.3%) 0.00 19
    2021-09-01 $293,950 (33.6%) $321,085 (2.4%) 0.00 19
    2021-10-01 $214,500 (-0.2%) $282,890 (-5.2%) 0.00 19
    2021-11-01 $375,000 (103.0%) $324,097 (16.1%) 0.00 19
    2021-12-01 $188,500 (-10.2%) $278,436 (4.6%) 0.00 17
    2022-01-01 $175,000 (0.0%) $271,830 (7.5%) 0.00 17
    2022-02-01 $208,750 (21.4%) $280,203 (20.3%) 0.00 13
    2022-03-01 $257,250 (50.2%) $337,037 (48.2%) 0.00 12
    2022-04-01 $279,000 (32.9%) $428,227 (41.4%) 0.00 12
    2022-05-01 $284,000 (11.4%) $433,534 (32.9%) 0.00 10
    2022-06-01 $209,125 (-3.9%) $395,755 (33.9%) 0.00 13
    2022-07-01 $229,500 (-19.1%) $403,825 (22.4%) 0.00 15
    2022-08-01 $236,375 (-14.2%) $396,644 (30.1%) 0.00 17
    2022-09-01 $273,495 (-7.0%) $466,464 (45.3%) 0.00 20
    2022-10-01 $359,950 (67.8%) $443,569 (56.8%) 0.00 21
    2022-11-01 $338,000 (-9.9%) $401,495 (23.9%) 0.00 21
    2022-12-01 $225,250 (19.5%) $335,851 (20.6%) 0.00 20
    2023-01-01 $213,000 (21.7%) $330,229 (21.5%) 0.00 21
    2023-02-01 $200,000 (-4.2%) $297,286 (6.1%) 0.00 21
    2023-03-01 $216,000 (-16.0%) $320,674 (-4.9%) 0.00 22
    2023-04-01 $210,000 (-24.7%) $305,033 (-28.8%) 0.00 23
    2023-05-01 $212,500 (-25.2%) $331,667 (-23.5%) 0.00 21
    2023-06-01 $242,500 (16.0%) $340,485 (-14.0%) 0.00 19
    2023-07-01 $194,750 (-15.1%) $262,257 (-35.1%) 0.00 20
    2023-08-01 $196,000 (-17.1%) $257,897 (-35.0%) 0.00 17
    2023-09-01 $215,000 (-21.4%) $232,544 (-50.2%) 0.00 25
    2023-10-01 $231,000 (-35.8%) $257,392 (-42.0%) 0.00 30
    2023-11-01 $272,000 (-19.5%) $294,444 (-26.7%) 0.00 29
    2023-12-01 $279,000 (23.9%) $304,044 (-9.5%) 0.00 30
    2024-01-01 $307,500 (44.4%) $324,708 (-1.7%) 0.00 26
    2024-02-01 $273,250 (36.6%) $322,062 (8.3%) 0.00 28
    2024-03-01 $285,000 (31.9%) $340,817 (6.3%) 0.00 26
    Raymondville's median listing price for 2024-03-01 was $285,000, a difference of $69,000 (31.9%) versus the prior year and $11,750 versus the prior month.

    Raymondville's median listing price comes in at 0% of the national average.

    Raymondville's average listing price for 2024-03-01 was $340,817, a difference of $20,143 (6.3%) versus the prior year and $18,755 versus the prior month.

    For the 2024-03-01 period, Raymondville had 26 MLS listings, a difference of -2 listings (-7%) versus the prior month and 4 listings (18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Raymondville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,973 sqft
    2018-02-01 0 days 2,061 sqft
    2018-03-01 0 days 1,956 sqft
    2018-04-01 0 days 1,973 sqft
    2018-05-01 0 days 1,898 sqft
    2018-06-01 0 days 1,656 sqft
    2018-07-01 0 days 1,708 sqft
    2018-08-01 0 days 1,612 sqft
    2018-09-01 0 days 1,617 sqft
    2018-10-01 0 days 1,704 sqft
    2018-11-01 0 days 1,617 sqft
    2018-12-01 0 days 1,787 sqft
    2019-01-01 0 days 1,616 sqft
    2019-02-01 0 days 1,621 sqft
    2019-03-01 0 days 1,614 sqft
    2019-04-01 0 days 1,608 sqft
    2019-05-01 0 days 1,618 sqft
    2019-06-01 0 days 1,564 sqft
    2019-07-01 0 days 1,400 sqft
    2019-08-01 0 days 1,505 sqft
    2019-09-01 0 days 1,662 sqft
    2019-10-01 0 days 1,784 sqft
    2019-11-01 0 days 1,919 sqft
    2019-12-01 0 days 1,957 sqft
    2020-01-01 0 days 2,053 sqft
    2020-02-01 0 days 2,007 sqft
    2020-03-01 0 days 1,885 sqft
    2020-04-01 0 days 1,784 sqft
    2020-05-01 0 days 1,784 sqft
    2020-06-01 0 days 1,738 sqft
    2020-07-01 0 days 1,950 sqft
    2020-08-01 0 days 1,977 sqft
    2020-09-01 0 days 2,006 sqft
    2020-10-01 0 days 2,037 sqft
    2020-11-01 0 days 1,997 sqft
    2020-12-01 0 days 2,056 sqft
    2021-01-01 0 days 2,088 sqft
    2021-02-01 0 days 2,056 sqft
    2021-03-01 0 days 1,893 sqft
    2021-04-01 0 days 2,182 sqft
    2021-05-01 0 days 2,278 sqft
    2021-06-01 0 days 1,559 sqft
    2021-07-01 0 days 1,888 sqft
    2021-08-01 0 days 1,685 sqft
    2021-09-01 0 days 1,800 sqft
    2021-10-01 0 days 1,500 sqft
    2021-11-01 0 days 2,409 sqft
    2021-12-01 0 days 2,197 sqft
    2022-01-01 0 days 2,300 sqft
    2022-02-01 0 days 1,784 sqft
    2022-03-01 0 days 1,806 sqft
    2022-04-01 0 days 2,100 sqft
    2022-05-01 0 days 1,926 sqft
    2022-06-01 0 days 1,913 sqft
    2022-07-01 0 days 2,456 sqft
    2022-08-01 0 days 2,448 sqft
    2022-09-01 0 days 2,464 sqft
    2022-10-01 0 days 2,482 sqft
    2022-11-01 0 days 2,482 sqft
    2022-12-01 0 days 1,932 sqft
    2023-01-01 0 days 1,836 sqft
    2023-02-01 0 days 1,670 sqft
    2023-03-01 0 days 1,749 sqft
    2023-04-01 0 days 1,652 sqft
    2023-05-01 0 days 1,694 sqft
    2023-06-01 0 days 1,652 sqft
    2023-07-01 0 days 1,550 sqft
    2023-08-01 0 days 1,550 sqft
    2023-09-01 0 days 1,512 sqft
    2023-10-01 0 days 1,541 sqft
    2023-11-01 0 days 1,640 sqft
    2023-12-01 0 days 1,832 sqft
    2024-01-01 0 days 1,695 sqft
    2024-02-01 0 days 1,695 sqft
    2024-03-01 0 days 1,568 sqft
    Raymondville's median listing age (time on market) for 2024-03-01 was 0 days.

    Raymondville's median square footage for active listings during the 2024-03-01 period was 1,568 sqft. One year prior, the average listing was 1,749 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).